Prepared by Jamie Saettele, CMT
In recent webinars, I’ve highlighted the importance of 16300. The level, April’s high and the 2010 high, proved its validity again last week. Friday’s rejection should at least make one aware of a deeper setback or reversal. A drop below last week’s 16162 low would put 16130 and 16070 in play. The latter level is viewed as strong support. A drop to mentioned levels would still fit within the confines of a correction. Strength from above 16162 would expose 16450/80 (8/29/11 high and trendline).
LEVELS: 16130 16150 16181 16253 16300 16453